I am surprised the bears have any fur left, with the butchery that has gone
on over the last few months.

I personally still don't think the US Bond market is ready to roll over just
yet, but having finally met my projections, I am happy to recommend getting
short if price evidence suggests it.

But from the March 2012 lows, I don't think the move is completed, as any
Elliott Wave enthusiast knows, you need a 5 wave completed wave for an impulse
wave, its generally seen that the 3rd wave is the extended move so we require
to see a 9 wave advance.

Using TLT, we can see that we have a 7 wave move, and from the highs, the
decline is somewhat choppy, so I don't have any reason to declare the bond
market is dead, the bond bull is alive and well atm.

In fact whilst TLT hovers around the 122-124 area, I suspect it sets up for
a strong move above 130, and the TYX sees new lows potentially yields around
2.4%.

ZB should hold support around 14630 -- 14530.

When you look at the RSI on the actual ZB chart, you can see that it only
supports 8 possible moves, so we should see a push higher, I suspect to new
high around 155+ and the RSI will diverge and create a 5th wave divergence
against the 3rd wave.

So looking ahead, I either want to see price a breakdown and confirm bearish
price action or a new highs in TLT and ZB over the coming weeks/months.

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